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Buisness > Marketing > Flashcards

Marketing Flashcards

1
Q

What is marketing

A

It is the entire process of getting your product or service from the producer to consumer at a profit

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2
Q

What is the target markets

A

It is a group of people who all need or want a particular product or service. Example (the target markets of a computer games might be young males aged 8–18)

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3
Q

What is target research

A

It is the gathering and analysing of information about a product and its market

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4
Q

What are the aims of market research

A

To find out what’s the consumer want.
to discover the size of the market.
To choose the most suitable selling price

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5
Q

Name the types of market research

A

Desk research and field research

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6
Q

What is desk research

A

It involves sitting at your desk and examining existing information (information that is already public).

Example the Internet/CSO (central statistics office)

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7
Q

What is field research

A

It involves going out and making direct contact with the people who make up the target market

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8
Q

What is the marketing mix

A

It is having the right product

At the right place

With the right promotion

At the right price

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9
Q

What is the product life cycle

A

Introduction-product needs to gain acceptance from the public to survive

Growth- sale of product increase rapidly

Maturity- sale of product reaches their highest level

Saturation-sales flatten, everybody had the product

Decline- sale of product decreases rapidly

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10
Q

Advantage of desk research

A

It is cheap and quick

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11
Q

Disadvantages of desk research

A

It may be bias,out of date, incorrect

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12
Q

Mark up formula

A

Profit 100
——- X ——
Cost price. 1

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13
Q

Profit margin formula

A

Profit. 100
——— X. ——
Selling price 1

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14
Q

what is an interview

A

this involves asking people questions over the phone or face to face

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15
Q

what is a obsarvation

A

this involves watching peoples reaction to a good or service

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16
Q

what is sampling

A

a business cannot as all the customer s all the relevant questions. researchers therefore ask a sample of people who are seen to represent the market

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17
Q

name three types of sampling

A

cluster sampling
random sampling
quota sampling

18
Q

what is cluster sampling

A

people in a certain area

19
Q

what is random sampling

A

everybody has a equal chance of being asked

20
Q

what is quota sampling

A

a specific amount of people being asked

21
Q

name the types of advertising

A 
competitive advertising
persuasive advertising 
informative advertising
reminder advertising
generic advertising
22
Q

what is competitive advertising

A

this is where the product or service is compared favourably with the competition

23
Q

what is persuasive advertising

A

where the emphasis is on persuading the punlic

24
Q

what is informative advertising

A

this is simply telling the public something

25
Q

what is reminder advertising

A

occasional advertising to remind the public of well known product or service

26
Q

what is generic advertising

A

when manufacturers in an industry get together to promote a product

27
Q

what is brainstorming

A

writing down all the ideas for a product that comes to mind and picking the most profitable one

28
Q

what is import substitution

A

a irish manufacturer making goods that are currently imported from other countries

29
Q

how to decide the price of the product

A

cost of materials
competitor prices
brand name
consumer demand

30
Q

how to decide the place for a product

A

where to sell the product
is the market local,national,international
what method of transport to use

31
Q

different types id promotions

A

advertising
sales promotion
public relations
direct marketing

32
Q

what are the advertising functions

A 
to inform
to persuade
to promote
to compete
to remind
33
Q

what to consider for a advert campaign

A 
cost
message
media
target market
competition
advertising agency
34
Q

what is sales promotion

A

methods other than advertising used to encourage public to buy a good or service

35
Q

what is a brand name

A

it involves creating unique name and image for product in consumers mind through advertising

36
Q

what is the advantage of brand name

A

easily identified

loyal customers

37
Q

what is the disadvantage of brand name

A

overpriced

bad publicity affects all

38
Q

what is public relations

A

involves promoting the good image of the business and its products

39
Q

what is direct selling

A

this involves contacting consumers directly through mail,telephone, face-face in order to sell goods and services

40
Q

what is a USP

A

unique selling point

the unique feature the product has to help it stand out from competitors

Buisness (7 decks)

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